Canary Wharf developer on a fishing trip up the Thames

The property giant is setting its sights on deals in the heart of the capital, 25 years after transforming London's former shipping hub

Canary Wharf hopes to regenerate the site of Shell's headquarters (Land Securities)

Miles of dilapidated docks and barren land greeted George Iacobescu when he turned up to inspect the site his bosses dreamt of turning into the next Wall Street.

The Romanian-born property developer was tasked with overseeing the construction of a monster financial centre in London’s former shipping hub. The area, optimistically designated an enterprise zone by Margaret Thatcher’s government, lacked even the most basic infrastructure.

“There was no water, no electricity. Nobody would walk here,” said Iacobescu. “It was an enormously equity-hungry project.”

Almost 25 years and one near-collapse later, Canary Wharf is a business centre to rival the nearby City. Corporate giants such as Barclays, Citigroup and Clifford Chance have moved their headquarters east, lured by the prospect of American-style skyscrapers with huge trading floors and bespoke designs. Every day, 95,000 people arrive for work.

Iacobescu, chief executive of Canary Wharf, is now raising his ambition. Despite a generous